QUIZ 4 - QUIZ 4 Recitation for Economics 2010-400...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
QUIZ 4 Recitation for Economics 2010-400 – Principles of Microeconomics Fall 2007 Name:____________________________ Recitation day and time: ___________ Directions : 1. Choose the best available alternative. 2. Please, write the answers on the answer sheet! Chapters covered in this assignment: Ch. 8: Supply curve, inputs and costs Ch. 12: Factor markets and the Ch. 9: Perfect competition and the supply curve distribution of income Ch. 10: Rational consumer Ch. 14: Monopoly Ch. 11: Consumer preferences and consumer choice Ch. 15: Oligopoly 1. The marginal product of labor is equal to the: a. increase in labor necessary to generate a one-unit increase in output. b. incremental cost associated with a one-unit increase in labor. c. incremental profit associated with a one-unit increase in labor. d. increase in output obtained from a one-unit increase in labor. 2. If a firm currently was producing at point C on the ATC2 in the accompanying figure, but anticipates increasing output to 225,000 units in the long run, the firm will build a ______ plant and experience ______. a. smaller; economies of scale b. smaller; diseconomies of scale c. larger; economies of scale d. larger; diseconomies of scale 3. The table below describes Bart's perfectly competitive ice-cream-producing firm. If the market price is $67.50, how many units of output will this profit- maximizing firm produce? a. 1 b. 2 c. 3 d. 4 Output Total Cost 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
0 $ 10 1 $ 60 2 $ 80 3 $ 110 4 $ 170 5 $ 245 4. When market price is P1, a profit maximizing firm's total profit or loss can be represented by which area? a.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/28/2008 for the course ECON 2010 taught by Professor Mertens,wi during the Fall '07 term at Colorado.

Page1 / 8

QUIZ 4 - QUIZ 4 Recitation for Economics 2010-400...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online